Elizabeth Bernhard shares Episode 2 of the relaunched 'Build Smart, Lead Strong' by conducting a four-part interview with Collen Killen-Roberts, Vice President of Entrepreneurship with the Edward Lowe Foundation, and Rodney Parkkonen, Senior Small Business Manager with the Michigan Economic Development Corporation.

Michigan has invested heavily in its small and medium manufacturers (SMMs), yet many are unaware of the opportunities available to them. In this episode, MGA talks with the pair to find out how they both serve manufacturers in Michigan, and much more. Join this episode to learn about the System for Integrated Growth and Second Stage Growth Solutions, two programs available to you through this collaboration between the Edward Lowe Foundation and MEDC.

Collen Killen-Roberts was recruited to the foundation in 2015. In April 2016 she was promoted to director of entrepreneurship and then named divisional vice president of entrepreneurship in December 2018. In her current role she leads the entrepreneurship team in developing programs that help second-stage entrepreneurs get to the next level. These include: the System for Integrated Growth, PeerSpectives® Roundtables, the American Academy of Entrepreneurs®, Leader Retreats at Big Rock Valley, Entrepreneur in Residence and Legacy Council. Killen-Roberts also cultivates appropriate partners to deliver these programs throughout the country and manages the rollout process.

Rodney Parkkonen serves as small business consultant on the Small Business Services team at the Michigan Economic Development Corporation (MEDC). In his role, Rodney leads programming designed to help second-stage entrepreneurs gain access to strategic information and participate in valuable retreats and roundtables. Additionally, Rodney’s role includes work in building the state’s trusted connector network and helping grow and align the state’s small business support ecosystem. Before joining the Small Business Services team, Rodney worked on teams devoted to securing new business growth, job creation and investment in the State of Michigan.

Colleen and Rodney also both serve on the board for MGA, the Manufacturing Growth Alliance in Michigan. A big focus of this episode is looking ahead to MANUFACTURERS COHORT – A 3-part process to accelerate growth that includes:

#1: A 3-day, 2-night Leadership Retreat at the Edward Lowe Foundation – October 31- November 2, 2023 in Cassopolis, Michigan

A $1,000 value per participant, which includes program facilitation, lodging, meals, snacks and nonalcoholic beverages.

Oct 31, 9:00 AM EDT – Nov 02, 12:00 PM EDT

Edward Lowe Foundation, 58054 Decatur Rd, Cassopolis, MI 49031, USA

Build Smart, Lead Strong | Collen Killen-Roberts, Rodney Parkkonen - MANUFACTURERS COHORT

Chris Holman welcomes Larry Mann, Market Manager, SVP, Bank of America.
Their topic of discussion is what are the key findings of Bank of America’s first Mid-Sized Business Owner Report?

§ How are MSBOs fairing in a post-pandemic world?

§ What is the economic outlet over the next 12 months for MSBOs?

§ Are MSBOs planning to invest in their businesses?

§ How are MSBOs attracting and retaining top talent?

§ What new digital strategies are MSBOs adopting to optimize their businesses?

§ What other trends are you seeing for MSBOs in metro Detroit?

§ What are some of the challenges?


Here are some Key Takeaways from the Bank of America 2023 Mid-Sized Business Owner Report

§ Mid-Sized Business Owners (or MSBOs) maintain a positive outlook, as 75% plan to expand their business, and 67% expect the national economy to improve over the next 12 months.

§ Over the last 12 months, 90% of MSBOs have adopted digital strategies to further optimize their businesses and operations, with new digital tools helping them to save time (48%), increase customer satisfaction (43%), manage cash flow (43%), stay organized (41%) and reach new customers (37%).

§ Employees are the most valuable asset of any company, and current labor shortages have challenged business owners looking to attract and retain talent.

§ The Mid-Sized Business Owner Report found that many MSBOs struggle to find skilled, experienced employees.

§ To attract qualified candidates, many MSBOs are increasing salaries (43%), offering more PTO (40%), strengthening retirement benefits (36%), and introducing new employee training and resource groups (34%).

§ Inflation and supply chain issues persistently affect MSBOs, leading to operational adjustments and price increases. According to the bank’s findings, 94% of MSBOs confirm that inflation currently impacts their businesses, with 45% opting to raise prices, 37% reevaluating cash flow and spending, 35% increasing employee wages, and 33% reducing business costs.

§ 87% of businesses who have adopted digital strategies in the last 12 months plan to utilize automation/AI tools.

Michigan Business Beat | Larry Mann, Key Findings of First Mid-Sized Business Owner Report

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New tracks tagged #second stage